Otjozondu MiningPlans to Expand Manganese Production

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July 2019Namibia

OTJOZONDU MINING

Otjozondu, Disclaimer

• This presentation has been prepared by Otjozondu Mining Pty Ltd(“Otjo” or “the Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation.

• This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only. This presentation contains general summary information and does not take into account the investment objectives, financial situation and particular needs of any individual investor. It is not financial product advice and investors should obtain their own independent advice from qualified financial advisors having regarding to their objectives, financial situation and needs. Otjo nor any of their its related bodies corporate is licensed to provide financial product advice.

• This presentation and information, opinions or conclusions expressed in the course of this presentation contains forecasts and forward-looking information. Forward-looking statements include, but are not limited to, statements concerning the Company’s exploration program, outlook, target sizes, resource and mineralized material estimates. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”, “possible”, “future”, “prospective” and similar expressions. The terms “Direct Shipping Ore (DSO)”, “Target” and “Exploration Target”, where used in this presentation, should not be misunderstood or misconstrued as an estimate of Mineral Resources and/or Ore Reserves as defined by the JORC Code (2004), and therefore the terms have not been used in this context. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties which may cause . Actual results and developments will almost certainly to differ materially from those expressed or implied. Forward looking statements in this presentation only speak at the date of issue. Subject to any continuing obligations under applicable law or any stock exchange listing rules, in providing this information Otjozondu does not undertake any obligation to publically update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

• There are a number of risks, both specific to Otjo, and of a general nature which may affect the future operating and financial performance of Otjo, and the value of an investment in any of those entities including and not limited to economic conditions, stock market fluctuations, manganese demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations, and mining development, construction and commissioning risk.

• You should not act or refrain from acting in reliance on this presentation, or any information, opinions or conclusions expressed in the course of this presentation. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the prospects of Otjo. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in the course of this presentation. To the maximum extent permitted by law, each of Otjo and their respective officers, employees, agents and advisors expressly disclaim any responsibility or liability for any direct, indirect or consequential loss or damages suffered by any person, as a result of or in connection with this presentation or any action taken by you on the basis of the information, opinions or conclusions expressed in the course of this presentation.

• All references to future production and production targets and port access made in relation to Otjo are subject to the completion of all necessary feasibility studies, permitting, construction, financing arrangements, port access and execution of infrastructure-related agreements. Where such a reference are made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources, as well as the Competent Persons' Statement and the Disclosures.

• Some statements in this presentation regarding future events are forward-looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Company’s exploration program, outlook, target sizes, resource and mineralized material estimates. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”, “possible”, “future”, “prospective” and similar expressions. The terms “Direct Shipping Ore (DSO)”, “Target” and “Exploration Target”, where used in this presentation, should not be misunderstood or misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2004), and therefore the terms have not been used in this context.

• The potential quantity and grade of Exploration Targets is conceptual in nature. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

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Otjozondu, Update

• MN Holdings Limited (MNH) has secured a loan from Premier African Minerals Limited and Cambrian Limited for US$1.35 million to fund acquisition of plant and equipment for its 100% owned Otjozondu in Namibia. The purchase will enable OM to significantly increase its manganese production.

• MNH has sale and purchase contracts in place with the “Purity” Liquidator to purchase:

• All Purity plant and equipment from the Purity Manganese Project;• 3 Mining Licenses (transfer subject to Ministerial approval); and• The Purity or Ebenezer farm (transfer subject to Government approval).

• Plant and equipment acquired under the agreement includes:• High output air pulse jig processing facility (Nominally 100tph);• New fines jig installed but not commissioned;• Numerous new and used smaller jig processing plants;• Numerous operational crushing and screening facilities;• Mining fleet including excavators, trucks, production drills and service equipment;

and• Infrastructure including power generation, accommodation, workshop facilities and

administration complex – located 10km from OM site.

Otjozondu, Short Term Operating Plans

• With the addition of the Purity plant and equipment OM is commencing a staged increase in manganese production from 5,000 tpm to +38,000tpm

• The strategy to enable significant increases in production include• Purchase of the Purity plant• Commission a second mining fleet for full time operation• Commission 2 small course product jigs at OM site – + 30 tph Q1 2019• Commission 2 fines jigs at OM site - +60 tph fines product Q2 2019• Convert logistic chain to bulk on rail and bulk to port • Q1 2020 commence production through the purity facility• Q2 2020 commence open pit mining on Purity licenses

• Forecast Production Profile (tonnes) Fines Course Total Product• Dec 2019 1,750 9,000 10,750• Dec 2020 10,500 19,000 29,500• Dec 2021 14,000 24,750 38,750

• Target annualised production of 500,000 tonnes, revenue US$ 80M

Otjozondu, Production Profile

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5,000

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MANGANESE EXPORT PROFILE

Otjozondu Exported Mn Product Consolidated 38,000 tpm

Commence Mining & Processing at Purity

Consolidate Projects Assets

Otjozondu, Namibia

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• Stable African democracy with English as official language• A mining friendly and low sovereign risk jurisdiction • World renowned for production of

• Diamonds;• Uranium (4th largest producer); and• Manganese plus Copper zinc, industrial minerals, gold.

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Otjozondu, Mineral Resources

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Otjozondu Manganese Resource Statement Prepared by Qube Consulting P/L in - Dec 2012 to JORC 2004

Project areas Indicated Inferred Total

Mt Mn% Fe% SiO2% P% Mt Mn% Fe% SiO2% P% Mt Mn% Fe% SiO2% P%

Bosrand 2.6 21.8 14.4 31.7 0.04 1.2 20.1 14.5 31.1 0.04 3.9 21.3 14.4 31.5 0.04

East Otjozondu 2 19.8 14.3 38.3 0.05 2.0 19.8 14.3 38.3 0.05

Jeppe 0.2 22.1 12 35 0.06 0.2 22.1 12 35.0 0.06

Kopje 1.3 25.2 11 31.9 0.06 1.3 25.2 11 31.9 0.06

S-Bend 0.9 24.4 11.9 31.1 0.04 0.9 24.4 11.9 31.1 0.04

Labusrus 0.8 23.2 15.1 32.7 0.02 0.8 21.9 13.9 35.6 0.03 1.6 22.6 15.5 34.1 0.03

North Bosrand 0.8 22.9 14.7 32.6 0.02 1.4 21.3 13.4 35.5 0.02 2.3 21.9 13.9 34.4 0.02

Ongorussengo 0.6 26.6 9.7 31 0.02 0.6 26.6 9.7 31.0 0.02

Oparakane 1.7 24.1 11.9 30.4 0.06 1.7 24.1 11.9 30.4 0.06

waterloo 0.7 23.3 11.8 35 0.04 0.7 23.3 11.8 35.0 0.04

Total 4.2 22.3 14.6 32.1 0.03 10.8 22.5 12.7 33.6 0.04 15.0 22.5 13.4 33.2 0.04

Otjozondu Mining Project

• 4 Exploration Licenses, 1 Mining License;

• Manganese ore outcrops at surface;

• JORC 2004 resource 15.0Mt at 22.5% Mn using a bottom cut of 15% - 13% of strike explored;

• Significant exploration upside;

• Purity ML’s offer 3 more short term mining opportunities;

• Future underground potential for DSO in high grade areas;

• Currently mining at Borland ( 3.9mt @ 21.3%) processing through 60tph jig plant at Labusrus site;

• Producing app. 5,000 tpm lumpy product at 32-38% selling into China;

• Product exported by containerized sea freight;

• Walvis Bay Port is 450km from mine site; and

• 150km from mine to rail head at Okahandja, 300km by rail to port.

Otjozondu, Marketing

• Recent pricing has been stable and at levels not seen for 3 years and the outlook is positive.

• Namibian product streams are suited to changing market demand particularly in high silica product.

• Product is sold into China under a contract sales and marketing agreement with Gunvor.

• Government royalty is 3%.

• Containerised shipping is cheap - shipping in bulk is similar in price but not volume constrained.

• Namibian ore attracts a premium because of its metallurgy – high silica, Fe and low contaminant.

• The market is in demand and there is scope to value add and deliver high purity material into the battery markets.

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Otjozondu, Exploration Potential

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Otjo Manganese Field extends over 144 km of strike…in southern portion

- Resource extension drilling (12,000m) completed in November, 2012

- Increased (Inf+Ind) JORC 2004 mineral resource to 15Mt @ 22.5% Mn1

- Otjo Mn field extends > 144 line km of strike of the mapped “Roper” line for southern portion only

- Strong (air) magnetic trend in north, interpreted to be similar target

- Current resource1 is estimated from only 13% of fields strike length

- The Otjo Project has the potential to become a globally significant, open pit manganese resource

1 - SRR Report, December 11th, 2012.

Product10-34mm

Fines Product3-10mm

-34mm

Container Loading Bosrand Pit

ROM and CrusherDump Trucks

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Otjozondu, Current Operations

Otjozondu, Crusher/Screen and Jig Plant

160tpa Jig Plant200tph Crushing and Screening Plant

Otjozondu, Purity Jig

Otjozondu

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